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Home Technical analysis

Ethereum Price Analysis: ETH/USD Forming Double Top

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
Ethereum Price Technical Analysis ETH USD
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Key Highlights

  • ETH price traded further higher and tested the $635 resistance area against the US Dollar.
  • There is a key bullish trend line formed with support at $612 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has formed a double top pattern near the $635 level and it may decline further in the short term.

Ethereum price is trading with a positive bias against the US Dollar and Bitcoin. ETH/USD may correct in the short term after a key rejection from the $635 level.

Ethereum Price Resistance

There was a nice upside move in ETH price from the $580 support zone against the US Dollar. The price moved above the $600 and $610 resistance levels to trade further higher. It even succeeded in surpassing the $630 level. However, sellers appeared around the $635 resistance and the price failed to retain traction. A high was formed near $637 before the price started a downside correction.

It declined below the 23.6% Fib retracement level of the last wave from the $588 low to $637 high. However, there are a few important supports on the downside above the $610 level. There is also a key bullish trend line formed with support at $612 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last wave from the $588 low to $637 high is near the $612 level to prevent declines. Therefore, a downside break below $612 and $610 won’t be easy in the near term.

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Ethereum Price Analysis ETH USD

Looking at the chart, it seems like the price was rejected twice near the $635 resistance. Therefore, there are chances of a double top pattern near $635, which could result in further losses below $612. A downside break below $612 may perhaps signal a confirmation towards the next support at $600.

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $612

Major Resistance Level – $635

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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